# We Asked an Options Expert Why This Melt Up Hasn’t Broken — and Which Signal Could End It

Page: https://stenobird.com/podcast/excess-returns-902655/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it
Text version: https://stenobird.com/podcast/excess-returns-902655/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it.md
Podcast: [Excess Returns](https://stenobird.com/podcast/excess-returns-902655)
Published: 2026-05-10T19:57:15+00:00
Episode link: https://podcasters.spotify.com/pod/show/excess-returns/episodes/We-Asked-an-Options-Expert-Why-This-Melt-Up-Hasnt-Broken--and-Which-Signal-Could-End-It-e3j5nao
Audio file: https://traffic.megaphone.fm/APO1240198448.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it
Duration seconds: 4047

## Resource

Brent Kochuba of SpotGamma joins Jack Forehand for the May 2026 OPEX Effect to break down what options positioning is saying after a massive AI and semiconductor-led market rally. They discuss SPX call volume, zero DTE options, dealer gamma, VIX expiration, NVIDIA earnings, oil risk, AI CapEx, and why options flows may help explain both the market’s recent melt-up and the potential for a volatility shift after OPEX. Guest Links Brent Kochuba on X https://x.com/spotgamma SpotGamma https://spotgamma.com/ Topics Covered Why the market has ignored oil shocks and geopolitical risk while AI earnings dominate investor attention How AI CapEx, semiconductors and mega-cap tech have driven a powerful melt-up in stocks Why options volume and zero DTE trading are increasingly important for all investors How dealer hedging, delta and gamma can affect stock market moves Why options expiration can create short-term turning points in markets and volatility What the May OPEX setup says about call-heavy positioning in the S&P 500 Why single-stock options activity in NVIDIA, Tesla, Apple, Amazon and AI-related names matters How record SPX call volume is being driven by short-dated options flows Why Brent is watching VIX expiration, NVIDIA earnings and May 19 to May 20 for volatility expansion What oil, VIX, correlation and dispersion are signaling about market risk Timestamps 00:00 Intro: SPX call volume, call-heavy positioning and transient options flows 00:57 Are we in melt-up mode? 05:29 AI, UFOs and how fast market narratives are changing 09:00 Why options flows matter more for everyday investors 13:39 Could SpaceX become the next huge options market? 16:00 How dealer hedging, delta and gamma move through the market 20:44 Why OPEX can become a turning point for stocks and volatili…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/excess-returns-902655/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.